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How long to keep certain financial records has been the age old dillemma
How long to keep certain financial records has been the age old dilemma! This post is intended to give you some guidelines as to which documents you should save that might be needed for a smoother closing and or jut to make your life simpler. The most often asked and number one question was: how long to keep tax returns? The answer is not as clear as one would expect. My answer is seven years. The reason that is, because The IRS ha a three years rule to audit your tax returns if they suspect a “good faith error”. Three year error also applies to you, if you discover a mistake in your return and decide to file an amended return to claim a refund. The IRS also has six years to challenge your tax return if they think you under reported your gross income by 25% or more. Hence my reasoning to keep the tax records for seven years! IRA Contributions records: to me it is clear you need to save them permanently. I would suggest you keep these records indefinitely to prove that you already paid tax in this money or to assure that no one make errors and you can prove that you contributed to an IRA or numerous IRA funds. After all this is your money! House or Condominium records: Keep al records documenting the purchase price and the cost of all permanent improvements, such as remodeling or additions to the property. All expenses related to selling or ad buying the property, such as escrow costs, legal fees and including taxes paid. This will make life easier for your accountant when he or she is trying to figure out what your capital gains tax burden will be when you sell the property. I hope I made you think about the most important documents and how long to keep. Keep in mind this is not an all inclusive list, but in my opinion these are at the minimum the most important documents that you should hold on to. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreSpeechless Sunday: well not quite:)
Speechless Sunday’s: well not quiteJ Diane and I decided we needed new sheets and new hampers for our new bedJ so organized as Diane is; we needed to get two hampers for the different clothing to be placed in the two hampersJ. Anyway we went out to run some more errands and long and behold look who took over the new hampersJ Well Jill of course, the other two cats were sleeping and totally oblivious to the new additions to our household. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreRed Sox Won & Tampa Bay Lost! Life is good!
Just in case you missed it because you were busy: The Red Sox won and Tampa Bay Lost. Division Champs are looking good. Thanks to Oakland and more specifically ex Red Sox Coco Crisp the Red Sox are in a better place than yesterday! To all the baseball fans and more specifically to all the Red Sox fans. Boston Strong Tee Shirts are still selling and part of the proceeds go to victims of the Boston Marathon Injured Victims. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreDo you know what a Ding Dong is? Do you know what a Ding Dong looks like?
Do you know what a Ding Dong is? Do you know what a Ding Dong looks like? Chocoholics do you know what a Ding Dong is and if you do, please let me knowJ? We discovered this great place which I will have to blog about later. Hint it is in Culver City, CA and it is on Washington Blvd. Let me know, I do not want to cloud your judgment, look at this picture and tell me if I am wrongJ If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations...
read moreFilm on the sidewalk: Do you know what I am referring to?
Film on the Sidewalk: Do you know what I am referring to? As I was walking out of our unit I noticed next to the sidewalk a small piece of trash, upon closer investigation, I recognized that it was a developed film. Needless to say I wanted to pick it up and look what was on itJ since we were in a rush to go somewhere that was not an option. Then after two or three steps later, I thought I should take a photo. My initial plan was to do a Speechless Sunday post. The more I thought about it, I was wondering how many people actually still know what a developed film is? Movies are Digital, Photos are Digital. The good news is I read a blog post the other day that the average Realtor in the United States is somewhere in the late ’50-‘60’s hence they would all know what this wasJ Nevertheless in deference to the internet audience and internet generation I felt obligated to write not just post a picture about this treasure I sawJ. It also bought back memories of about 15 -16 years ago when I would take three rolls of pictures of my listing and hope that there were three or four that would project the property in the best light for potential buyers to come to my listingJ So if you did not know what this picture was, I am glad I was able to enlighten you. For those who recognized what it was I hope it brought some fun memories back. On a side note when we came home it was goneJ If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreHow does a home warranty benefit your seller? The answer is easy: Peace of Mind
How does a home warranty benefit your seller? The answer is easy: it is Peace of Mind! Customarily I always negotiate a “home warranty” from the sellers, when I represent the buyer. It is a great value to a new buyer and prevents potential problems down the road. When something does not function shortly after a close of escrow, it annoys the new home owners. First they are wondering if the seller, the seller’s agent and the home inspector knew about the defect. Then once they go past that point they are aggravated about the repair costs they just incurred. Having a home warranty preempts this problem, because all they have to pay is the service call visit. Customarily that could be $35-$75 vs. if there were plumbing or electric problems that could have cost them unplanned in the thousands of dollars. Have you ever had a water heater break down while you are trying to market a home? I have and I remember it was an hour before my open house started which in turn forced the seller to spend a lot of money because it was a Sunday service call. Sellers can get a home warranty during the listing and escrow period up to 180days. So if you are confident that this time period will be enough to market and sell the home then it is important to share with your sellers this valuable and inexpensive Peace Of MindJ Insurance policy. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreTesla Engine, Tesla the “car” what comes to your mind? Luxury, Cool,?
Tesla Engine, Tesla the “car” what comes to your mind?Luxury, Cool, Hip, Progressive Car? Growing up as a child my father often talked to me about “the Tesla Engine”. He told me that the Oil Industry and the Car companies ‘buried the best engine in the world’. I always listened with great interest what he had to say. He told me that the car would have no smelly, polluting fumes and would not hurt people or the environment. So I remember asking him what was the reason this would be so people and environment friendly? He told me that it is an electric engine and cars would not need gasoline and oil to run the car. The year was 1959 and I was six years oldJ Nicola Tesla invented the Tesla “motor” or “engine”. He was an inventor, an electrical engineer who became a naturalized citizen. Ironically he worked with Thomas Edison. He went on his own trying to reach fame and fortune. He even partnered up with George Westinghouse on a few projects. Needless to say he died in obscurity without any money in 1943. Fast forward to the early 2003 Tesla Motors is founded and they use Nicolas Tesla’s design: the AC Motor of 1882. The Tesla Roadster is the first Electric Vehicle (EV). Then a period of what I consider convoluted, back door politics, financial chicanery, power struggles, support by the US Government, well heeled Venture Capitalists, visionary financial investors to name of few such as Sergey Brin of Google fame, Larry Page of EBay fame, JP Morgan and I could go on and on….a book could be written about the financing and the history of the company. The past ten years were very colorful and it reads like a mystery novel, the end result Tesla Cars are now in high demand all over the world. There are over fifty showrooms from Japan, Germany to Australia to name a few. So interestingly it all began here, the first show room was in West Los Angeles and I have enjoyed keeping up with all the trials and tribulations of the Tesla Motor Company and its product. The purpose of my blog is to let you know, that the car is now “main stream” in the Greater Los Angeles area. There is virtually not a moment that when I am on the road I do not run into a Tesla Car. An overnight success ten years in the making or was it 131 years in the making? I am sure Nicola Tesla and my father are looking down and smiling at the strange turn of events. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations...
read moreThe Median Sold Price in 90292 zip code aka Marina Del Rey CA
The Median Sold Price in 90292 zip code also known as Marina Del Rey, CA is very telling! The Median Sold Price for Single Family Residences in the 90292 zip code, also known as Marina Del Rey, CA had a minimal increase year over year by only 4%. This clearly tells me that there is a specific buyer who is interested in buying and living in Marina Del Rey, CA. It is a buyer who wants to be very close to the ocean and is willing to give up a large back yard for the comfort of moderate temperatures and beach life. Needless to say 4% is virtually in line with what we would expect in price increases in today’s active market. This is quite different from the overheated 90064 zip code. If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read more8635 Hollywood Blvd , Vacant Lot SOLD! in the Sunset Strip area!
8635 Hollywood Blvd , Vacant Lot SOLD! in the Sunset Strip area! Build your private View home above the Sunset Strip. Hurry before a developer buys it before you. This lot is priced for an immediate sale. There are virtually no view lots in this price point. Seller needs money ASAP. His need your gain. It is not a short sale, he just wants is sold fast! There are city views. Build your Hollywood Hills Sexy home. This lot is on a paved road with nearby sewer hook ups, water and electric near as well. Well how about that, we had about ten inquiries to submit an offer after the fact. Only one actually wrote a back up offer:) The rest all they wanted to do is have me call them if it falls out of escrow…I conveyed the Buyer’s agent this information…needless to say they wanted to close the deal! There was a lot of drama with this deal, I could write a book:) Last minute need to do a 1031 exchange, need the check to be split into two since there was a silent seller…then there was an issue about the LLC Documents and the name of the seller….I could go on and on. Needless to say the Wine Stores appreciated the drama, my wine consuption increased 100%:)) If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations ...
read moreWordless Wednesdays: Watermelons!
Wordless Wednesdays: Watermelons! When I think of summer, water, sun, beach, heat & watermelons come to mind! If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue...
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